PEN earnings analysis
What we found in PEN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Penumbra, Inc. reported a strong performance for Q1 2026 with revenue of $374.8 million, a 15.6% increase compared to the previous year, and diluted EPS of $0.82, exceeding estimates. Despite increasing SG&A expenses due to related costs from a pending acquisition, the company demonstrates consistent revenue growth across its thrombectomy and embolization segments.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Surge of 15.6%
- Revenue rose to $374.8M from $324.1M year-over-year.
- Improved Gross Margin
- Gross margin increased to 67.6%, up from 66.6% in Q1 2025.
- Continued Growth in Medical Segments
- Thrombectomy segment grew 12.1% to $253.9M; embolization and access surged 23.8% to $120.8M.
- Strong Increase in Operating Cash Flow
- Operating cash flow was $87M, up from $49M in the previous year.
- Increased International Revenue
- International revenue grew by 16.5% to $78.4M.
- Cash Reserves Strong
- Cash and cash equivalents increased to $241.3M from $186.9M.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High SG&A Costs
- SG&A expenses increased to $192.8M, 51.4% of revenue, up from 47.3%.
- Pending Merger Uncertainty
- Pending acquisition by Boston Scientific may impact focus and operations.
- Increased Tax Liability
- Provision for income taxes rose to $9.1M from $4.6M, increasing effective tax rate to 21.8%.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.82
- Gross margin
- 67.6%
- Operating margin
- 10.2%
- Segment
- Thrombectomy: $253.9M
- Segment
- Embolization and Access: $120.8M
What they said about what is next.
No specific revenue or EPS guidance provided due to pending acquisition.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- Penumbra reported strong 2025 results with revenue of $1,403.7 million (up 17.5% YoY) and operating income of $189.2 million, reflecting a clear operating inflection from $9.3 million in 2024. Thrombectomy remains the…
- 10-Q · October 30, 2024
- Penumbra reported Q3 revenue of $301,039,000 (up from $270,946,000 year-over-year) and GAAP diluted EPS of $0.75 (vs $0.23 prior year), beating consensus. Gross profit rose to $200,306,000 and operating income improved…
- 10-Q · May 7, 2024
- Penumbra reported Q1 revenue of $278,655,000 (up $37,257,000 or 15.4% vs. Q1 2023) with gross profit of $181,139,000 (gross margin ~65.0%) and operating income of $12,101,000 (operating margin 4.3%). Diluted EPS was…
- 10-K · February 22, 2024
- Penumbra reported FY2023 revenue of $1,058.5 million (up 25.0% YoY) and returned to operating profitability with income from operations of $73.6 million in 2023 versus $6.1 million in 2022. Thrombectomy ($677.3 million)…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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